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Most commercial banks already cut lending rates
There have been 34 out of 42 commercial banks cutting lending interest rates and spreading new guidelines and specific regulations on the matter throughout their networks, said Monetary Policy Department under the State Bank of Vietnam (SBV).
They have also asked their branches to strictly follow the ceiling depositing rates of 14 percent per annum for Vietnam dong and 2 for US dollar set by the central bank, prohibiting any negotiations with customers for higher depositing and lending rates, Saigon Tiep Thi newspaper reported.
Among them, about 20 commercial banks, including Argribank, Vietinbank, BIDV, Vietcombank, Eximbank, Ocean Bank, Navibank, SBV, VietBank, TienPhongBank, PG bank, Seabank, GP.Bank, OCB, SHB, Techcombank, Maritime Bank, VIB, VP Bank and Bao Viet, have issued specific guidance on monitoring and processing the observance interest provisions.
Thus, the branches of those banks must proactively detect the credit institutions of unfair competition with violations in the interest rates in both VND and US dollar to report to the local central bank's branches.
In addition, the banks’ head offices also have to strengthen the inspection mechanims for depositing rates at their branches, and strictly impsoe punitive measures on the managers and personnel of branches and transaction offices failing to abide by the direction of the SBV.
Before the quarterly conference of the banking sector held earlier this month, five commercial banks, including BIDV, SHB, VP Bank, ABbank, and Eximbank, have reduced lending rates for agriculture and rural development, and certain groups of exporters by 1-2 percent to 17 -19 percent a year.
The recent agreement at the conference has added other 6 commercial banks, Vietinbank, Vietcombank, MHB, MBbank, LienVietBank, Maritime Bank, to the group of lenders who will soon cut their interest rates for VND for manufacturing businesses to 17 – 19 percent a year.
Some other banks, such as Agribank, VIB, and Techcombank, are building up their interest rate policies based on the conditions of their business operations to cut the lending interest rates for the manufacturing sector, rural agriculture, and exports following the aforementioned consensus.
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